EU Chart Update: Closed Above or Below?

EU retraced today after reached 61.8% retracement of 1.6037 to 1.2328. The price even stay below 30 EMA on the weekly chart at the moment. Below is EU weekly chart.

In my opinion, EU will continue south if it close below 30 EMA or 50% retracement. However, it also might retest 50% retracement before doing so. Therefore, we may see another spike next week. First target on downside is the support line shown on the chart. QQE cross also streghten my analysis since it usually signal a change in direction. I do not expect a retest to 1.2328 low, or at least until it breaks the support line on the chart. 

If EU close above 30 EMA or 50% fibonacci level, then I expect a move to 61.8% Fibo level again or until QQE yellow line is near 50 level. I do not aware of any fundamental factors that give a bullish sentiment for euro economic condition. Many company will need dollar to pay their liabilities and American MNC will have to consolidate their earnings at the end of the year.

I  also didn't and perhaps will not open a position regarding this analysis. I need to save the margin for GBP/JPY trades;P So, trade on your own risk okay :) 

See ya..

Done for Today

GBP/USD did break the trendline as well as EUR/USD. Gann also gave signal but MACD still below 0 level. I closed my positions with 45 pips in total and decided to call it a day. Those pairs can still move further I guess but I have to take care other things for now and wont be able to monitor the trades. It's better save than sorry right? However, US session later on might be interesting. Happy trading guys:)

GBP/JPY Trade Update

I closed my short position from yesterday with -97 pips. The support remains at 211.06. I missed the long signal in 1 hour as well in 4 hour chart early today. It was another nice setup actually where Gann gave signal, price breaking trendline, and MACD above 0 level. I will stand aside for now and look for development.

GBP/USD

The pair seems about breaking the trendline again after bounces off 50% retracement level. So at the moment I'm waiting for the candle to close. If the trendline break, the might test 1.9790 resistance since the move from last week is an uptrend.

EUR/USD Trade Update

The pair has reached my target and it seems that there is a strong bounce at the moment. Well, Gann on 4 hour chart gave signal about 1 and a half hour ago. So the pair might drop further if the price break the current support. I haven't check another support level and will check it later.

My GBP/JPY position is still open. USD/JPY is facing resistance for now, which give me some comfort:) However I think the pair need to past through 13 EMA on daily chart, which is at 210.68. Okay that's all. Happy trading all:)

Nice Setup On GBP/USD

The trendline break and signal from Gann indicator followed with a nice move today. My TP was at 38.2% retracement level. The price went further actually and reach 61.8% retracement level, but I thought 50 pips was enough;)

Quick trade with EUR/USD today where I collect 15 pips. I entered after a trendline break but Gann indicator doesn't confirmed, not until an hour later anyway;P The pair has broken another trendline as you can see on the picture above. I already opened another short position targeting another support there. I'm a bit worry now because Gann has not confirm the down move in 4 hour chart. Hopefully it wont reverse.

I know I said that I will trade in 1 hour chart but the setup on GBP/JPY 4 hour is very temptig for me;P Gann has gave signal. The price is on the edge of breaking the trendline and MACD almost cross the 0 level. So I did opened short position targeting 38.2% retracement. It quite a move if it reach the target and may took few days, but the pair has fallen faster than rising so we'll never know. The thing that concern me is that USD/JPY isn't bearish at all. It might be a problem since GBP/JPY usually followed USD/JPY, especialy in US session, which will be open in a few hours.

Play With Gann, Fibo, and MACD

I couldn't wait until weekend to play with the Gann indicator;P I use 30 period in 1 hour chart. I really think it's a cool indicator. I add MACD and Fibonacci, and now I just open 4 positions: G/U, G/J, A/U, and N/U. All are long position and I entered after they break 100% Fibo level. The targets are 123.6% or the 161.8% level as shown on the chart below. Wish me luck!

Update:
I added long position on U/J. I already close all positions with 13 pips in total;P All positions didn't reach the target. MACD has crossed down except for U/J. I think those pairs are still far from reversing so I expect further move upside. Have a nice day all.